By Hassan Mehmood (Saudi Arabia)
The CEO of JPMorgan, one of the largest banks of the world, made a sarcastic comment over Facebook’s cryptocurrency Libra. He said in an answer related to Libra that it is a “neat idea” that “will never happen.”
Happened at IIF Conference
The international conference was held in Washington by the Institute of International Finance (IIF) where the top officials of the prominent banks of the world gathered. The chief executive of the JPMorgan bank Jamie Dimon has commented over Libra by saying that it will never happen. Jamie added,” already have stablecoins, so they’re not the first to do that.”
Jamie Dimon, JPMorgan's CEO, on #Librahttps://t.co/5i3EECex0z
— Francisco Memoria (@FranciscoMemor) October 21, 2019
The JPMorgan has its own JPM coin backed by the US dollar and now planning to launch the cryptocurrency this year after.
From Basket to series of stablecoins
There are many changes observed since the date of its announcement. First, it was said that it will come out as a full cryptocurrency but late on, the decision to launch the stable coin was made. The stablecoin according to the Libra project will be backed by the basket of fiat currencies.
Like most of the stablecoin, Libra is not only backed by single fiat coin but on the other hand, it will back by the basket of prominent fiat coins. For example, the 50% share made by US dollar,18% by Euro,14% Japanese Yen, 11% British Pound, and 7% Singapore dollar.
Now, the plan of fiat basket has been canceled by the company. David Marcus, the head of the Libra project, revealed that instead of publishing a “synthetic unit”, they would launch a “series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc.”
Libra under Pressure
Dimon has not made an unnatural expression as Libra has been in the state of death before coming to breadth. The Facebook crypto project is under strict scrutiny from the day of its announcement. The US regulators have imposed strict regulations on it and dwell a great pressure. The same pressure on the part of US regulators has enforced the big investors of the Libra project to leave the field. These include Mastercard, Visa card, Paypal and eBay.
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